By formulating and applying statistical forecast models to the collected data, meteorologists are able to give us the specific local weather information we see on our smartphones that helps us plan our daily lives.

Healthcare

Statistics can directly help us prolong our lives.

For example, knowing women have a 1 in 8 chance of contracting breast cancer over their life, compared to a 1 in 1,000 chance for men, lets us know that breast cancer awareness should be a priority among women.

Likewise, medical services and research can be directed to areas in which it is needed the most.

The methods these companies employ vary but can include surveys, focus groups, in-depth interviews, mall intercepts and more.

Of course, at election time we are inundated with a barrage of polls, percentages and statistics as media outlets scramble to predict the outcome. Statistics play a key role in everything political, and influence who ends up being elected.

Quality Assurance

How can huge multinational corporations like Samsung and Apple deliver the same, flawless product experience all over the world?

The answer is they cannot, however using statistics they can minimise the case of faulty products through batch testing.

For example, testing a whole shipment of iPhones would be time-consuming and inefficient, so a representative sample is taken from the shipment and tested.

Using statistics, a forecast can be extrapolated from the results to predict the viability of the larger group.

The Stock Market

Thousands of stock analysts all over the world rely on examining data and applying statistical models to try and predict market trends, bull and bear movements in global stock markets.

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